Bitcoin price drops 3% on hot US PCE data as analyst says $84K must hold

Bitcoin faces renewed inflation pressure as US PCE data beats expectations — can BTC price action maintain crucial support to avoid another trip to multimonth lows?

Bitcoin (BTC) sought a local bottom on March 28 while US inflation data came in higher than expected.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $85,500 at the Wall Street open before reversing.

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